Chronic debtors who are in the habit of escaping their sins will no longer be so lucky as the Senate has passed the Asset Management Corporation of Nigeria Amendment (AMCON) bill empowering the firm to take possession, manage or sell all assets traced to debtors.
The property or assets to be seized may or may not have been used as security or collateral for obtaining the loan provided they belong to the debtor.
 The bill also empowers the corporation to access the special tribunal established by the BOFIA, 2020 for dealing with financial related matters.
 Senate Empowers AMCON To Seize Debtors’ Assets
AMCON Act No. 2, 2019 (Amendment Bill 2021) presented by the Senate Committee on Banking, Insurance and other Financial Institutions.
The report was presented by its chairman, Sen Uba Sani (APC, Kaduna Central).
However, some lawmakers pointed out that some of the clauses will empower AMCON to go beyond its mandate.
Deputy Senate President Ovie Omo-Agege, who made this observation, drew the attention of Senate President Ahmad Lawan to the clauses, noting that, if passed, they would empower the corporation to go beyond their mandate.
Other lawmakers noted that if AMCON goes beyond its mandate, it would generate legal issues, as the corporation would go beyond what the customer tendered at the time of taking the loan.
Lawan said that this is not the time to make corrections as the Bill had already passed second reading where the lawmakers would have made their observations and corrections.
